Interim Measures for the Supervision and Administration of Private Investment Funds
Interim Measures for the Supervision and Administration of Private Investment Funds
Interim Measures for the Supervision and Administration of Private Investment Funds
Order of the China Securities Regulatory Commission No.105
August 21, 2014
The Interim Measures for the Supervision and Administration of Private Investment Funds, reviewed and passed at the 51st Chairmany's office meeting of the China Securities Regulatory Commission on June 30, 2014, are hereby promulgated and shall be implemented as of the promulgation date.
Chairman of the China Securities Regulatory Commission: Xiao Gang
Interim Measures for the Supervision and Administration of Private Investment Funds
Chapter I General Provisions
Article 1 To regulate the activities of private investment funds, protect the legitimate rights and interests of the investors and other relevant parties, and promote the healthy development of the private investment fund industry, the Measures are formulated in accordance with the Law of the People's Republic of China on Securities Investment Funds and the Several Opinions of the State Council on Further Promoting the Healthy Development of the Capital Market.
Article 2 The private investment funds (hereinafter referred to as "private funds") hereunder shall mean those investment funds which are established within the territory of the People's Republic of China by raising funds through non-public offering from investors.
The investments which may be made by using the properties of private funds shall include the buying and selling of stocks, equities, bonds, futures, options, fund units and other investment objects agreed upon in the investment contracts.
The registration, fund-raising, and investment operation of the companies and partnerships, which are established by non-public offering for investment purposes and whose assets managed by fund managers or general partners, shall be governed by the Measures.
Securities companies, fund management companies, futures companies and their subsidiaries shall also be subject to the Measures when they are engaged in private fund business; if it is otherwise stipulated in other laws and regulations and relevant provisions of the China Securities Regulatory Commission (hereinafter referred to as the "CSRC"), those provisions shall be applicable.
Article 3 Those engaged in private fund business shall adhere to the principles of free will, fairness and good faith, maintain the legitimate rights and interests of investors, and shall not impair the national and public interests.
Article 4 When private fund managers and the institutions engaged in trustee services of private funds (hereinafter referred to as "private fund trustees") manage and utilize the properties of private funds, or when the institutions engaged in the distribution business of private funds (hereinafter referred to as "private fund distributors") and other private fund service agencies provide private fund services, they shall work scrupulously to fulfil their duties and perform the obligation of good faith, wariness, and diligence.
The employees in private funds shall abide by laws and administrative regulations, and observe professional ethics and codes of conduct.
Article 5 The CSRC and its agencies shall, in accordance with the Securities Investment Funds Law, the Measures, and other relevant provisions of the CSRC, implement supervision and administration with respect to private fund business activities.
The CSRC shall not impose any administrative examination and approval on the establishment of private fund management agencies and issuance of private funds, allowing various kinds of issuing bodies to issue private funds with investors the aggregate number of whom shall not exceed that specified by law on the basis of legal compliance. The CSRC shall establish and improve the regulatory system of private fund issuance, concretely intensify in-process and post-mortem supervision and administration, and severely fight against various illegal fund-raising activities in the name of private funds according to the law.
The CSRC shall establish a risk control and self-discipline management system to promote the operating agencies carrying out private fund business in a standard way as well as a unified monitoring system for various private funds.
Article 6 The Asset Management Association of China (hereinafter referred to as the "AMAC") shall, in accordance with the Securities Investment Funds Law, the Measures, other relevant provisions of the CSRC, and AMAC's self-regulation rules, implement self-regulation in the private fund industry, coordinate industrial relationships, provide industrial services, and promote the development of the industry.
Chapter II Registration and Filing
Article 7 Private fund managers shall, in accordance with the AMAC's provisions, apply for registration with the AMAC and submit the following basic information:
(1) Industrial and commercial registration and copies of the original and duplicate business licence;
(2) Articles of association or partnership agreement;
(3) List of major shareholders or partners;
(4) Basic information on senior managers; and
(5) Other information specified by the AMAC.
The AMAC shall, within 20 workings days after the registration materials of private fund managers are fully prepared, complete the registration formalities for private fund managers by publishing the list of private fund managers and their basic information on the website.
Article 8 When private funds finish their capital raising, private fund managers shall, in accordance with the AMAC's provisions, handle the filing formalities for the funds and submit the following basic information:
(1) Main investment orientation and the type of fund indicated in accordance with the main investment orientation;
(2) Fund contract, articles of association or partnership agreement.
......
Order of the China Securities Regulatory Commission No.105
August 21, 2014
The Interim Measures for the Supervision and Administration of Private Investment Funds, reviewed and passed at the 51st Chairmany's office meeting of the China Securities Regulatory Commission on June 30, 2014, are hereby promulgated and shall be implemented as of the promulgation date.
Chairman of the China Securities Regulatory Commission: Xiao Gang
Interim Measures for the Supervision and Administration of Private Investment Funds
Chapter I General Provisions
Article 1 To regulate the activities of private investment funds, protect the legitimate rights and interests of the investors and other relevant parties, and promote the healthy development of the private investment fund industry, the Measures are formulated in accordance with the Law of the People's Republic of China on Securities Investment Funds and the Several Opinions of the State Council on Further Promoting the Healthy Development of the Capital Market.
Article 2 The private investment funds (hereinafter referred to as "private funds") hereunder shall mean those investment funds which are established within the territory of the People's Republic of China by raising funds through non-public offering from investors.
The investments which may be made by using the properties of private funds shall include the buying and selling of stocks, equities, bonds, futures, options, fund units and other investment objects agreed upon in the investment contracts.
The registration, fund-raising, and investment operation of the companies and partnerships, which are established by non-public offering for investment purposes and whose assets managed by fund managers or general partners, shall be governed by the Measures.
Securities companies, fund management companies, futures companies and their subsidiaries shall also be subject to the Measures when they are engaged in private fund business; if it is otherwise stipulated in other laws and regulations and relevant provisions of the China Securities Regulatory Commission (hereinafter referred to as the "CSRC"), those provisions shall be applicable.
Article 3 Those engaged in private fund business shall adhere to the principles of free will, fairness and good faith, maintain the legitimate rights and interests of investors, and shall not impair the national and public interests.
Article 4 When private fund managers and the institutions engaged in trustee services of private funds (hereinafter referred to as "private fund trustees") manage and utilize the properties of private funds, or when the institutions engaged in the distribution business of private funds (hereinafter referred to as "private fund distributors") and other private fund service agencies provide private fund services, they shall work scrupulously to fulfil their duties and perform the obligation of good faith, wariness, and diligence.
The employees in private funds shall abide by laws and administrative regulations, and observe professional ethics and codes of conduct.
Article 5 The CSRC and its agencies shall, in accordance with the Securities Investment Funds Law, the Measures, and other relevant provisions of the CSRC, implement supervision and administration with respect to private fund business activities.
The CSRC shall not impose any administrative examination and approval on the establishment of private fund management agencies and issuance of private funds, allowing various kinds of issuing bodies to issue private funds with investors the aggregate number of whom shall not exceed that specified by law on the basis of legal compliance. The CSRC shall establish and improve the regulatory system of private fund issuance, concretely intensify in-process and post-mortem supervision and administration, and severely fight against various illegal fund-raising activities in the name of private funds according to the law.
The CSRC shall establish a risk control and self-discipline management system to promote the operating agencies carrying out private fund business in a standard way as well as a unified monitoring system for various private funds.
Article 6 The Asset Management Association of China (hereinafter referred to as the "AMAC") shall, in accordance with the Securities Investment Funds Law, the Measures, other relevant provisions of the CSRC, and AMAC's self-regulation rules, implement self-regulation in the private fund industry, coordinate industrial relationships, provide industrial services, and promote the development of the industry.
Chapter II Registration and Filing
Article 7 Private fund managers shall, in accordance with the AMAC's provisions, apply for registration with the AMAC and submit the following basic information:
(1) Industrial and commercial registration and copies of the original and duplicate business licence;
(2) Articles of association or partnership agreement;
(3) List of major shareholders or partners;
(4) Basic information on senior managers; and
(5) Other information specified by the AMAC.
The AMAC shall, within 20 workings days after the registration materials of private fund managers are fully prepared, complete the registration formalities for private fund managers by publishing the list of private fund managers and their basic information on the website.
Article 8 When private funds finish their capital raising, private fund managers shall, in accordance with the AMAC's provisions, handle the filing formalities for the funds and submit the following basic information:
(1) Main investment orientation and the type of fund indicated in accordance with the main investment orientation;
(2) Fund contract, articles of association or partnership agreement.
......